Yes, there will be unrecaptured 1250 (commonly called depreciation recapture here in BP) income to you via K-1.

If there is no luck contacting the owner the vehicle can be either resold and (more commonly) simply trashed. 

So, to humor myself today I opened one of those common mailer advertisements to see what crazy low rate they wanted to push me on my condo for.

On this list are hedge funds and guys that are flipping 20 properties at a time with deep pockets who commonly buy stuff sight unseen within 5 minutes of looking at the pics and running some back of the napkin numbers.

That obviously does add more risk, but the proceeds are so much better than agency has been over the last year that many are willing to take that risk.I've run across a few deals that had HUD 30yr financing, but those loans are very restrictive and take a long time to close so they're not very common; at least from what I've seen. 

But as I learned the supply of 2-4 unit properties are more common the closer to Downtown you get.

This is definitely a common problem that many people are running into right now.

The zoning restrictions are being tweaked in the county but there are homes coming available in zoned areas commonly that you can jump on.

It seems like a pretty common practice to put a property that isn't your primary residence into an LLC, even if its the only investment property you own.

This is one of the most common dilemmas of anyone in Real estate.